2020 Office Space Rent & Sales
- $36.88 2020 Avg. Asking Rent
- 2.78% Y-o-Y Avg. Asking Rent Change
- 14.66% 2020 Office Vacancy Rate
Newark office price per square foot in 2020 was $36.88 on average. This marked a +2.78% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 14.66% across all asset classes combined.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Newark Class A Office Space$37.17
- Newark Class B Office Space$27.02
- New Jersey Class A Office Space$36.84
- New Jersey Class B Office Space$26.76
- New Jersey Class C Office Space$20.32
Newark, NJ Office Asking Rents by Class
2020 Office Construction in Newark, NJ
- Newark, NJ Total SF completed in 2020
During 2020, square feet of new office space were delivered across the market. At the close of 2020, the Newark office inventory included buildings equal to or larger than 25,000 square feet, which comprised square feet of office space.
| Office building | Address | SF | Completed |
|---|---|---|---|
| Ironside Newark | 110 Edison Place, 07102 | 450,000 | 2019 |
| Prudential Tower | 635 Broad Street, 07102 | 733,000 | 2015 |
| Two Riverfront Plaza | 2 Riverfront Plaza, 07102 | 337,543 | 2013 |
| Biotrial North American Headquarters | 130 Norfolk Street, 07103 | 70,000 | 2013 |
| Oak Plaza | 375 Chestnut Street, 07105 | 36,415 | 2007 |
| University Hospital - Ambulatory Care Center | 140 Bergen Street, 07103 | 195,948 | 2005 |
| Claremont Tower | 11 Centre Place, 07102 | 247,067 | 2003 |
| 375 McCarter Hwy | 375 McCarter Hwy, 07114 | 200,000 | 2003 |
| 321 University Avenue | 321 University Avenue, 07102 | 88,683 | 2003 |
| 95-123 Firmenich Way | 95 Firmenich Way, 07114 | 89,542 | 2001 |
Worth noting among recent office completions on the Newark market is Ironside Newark, which is currently the largest new office development in the city, at 450,000 square feet.
See reports for nearby markets
This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Newark commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.